IRDAI issues registration to Valueattics Reinsurance, first exclusive reinsurer

The Insurance Regulatory and Development Authority of India (IRDA) has granted Certificate of Registration to Valueattics Reinsurance Ltd, the first reinsurer to be granted registration to carry out exclusively reinsurance business in the revamped regulatory landscape. 

“It marks a significant step in fostering competition in the reinsurance sector,’‘ the IRDAI said in a release on Friday.

The regulator also identified Life Insurance Corporation of India (LIC), New India Assurance Company, General Insurance Corporation of India as Domestic Systemically Important Insurers (D-SIIs) for FY 2024-25.

The 129th Meeting of the Authority, held on March 12, also discussed progress made in other key initiatives including Bima Sugam, an Insurance Electronic Marketplace, implementation of Indian Risk-Based Capital , Ind AS (converged IFRS) and Risk Based Supervisory Framework and State Insurance Plan, the release added.